ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Generali Investments Towarzystwo Funduszy Inwestycyjnych

Key Points

• Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its stake in ServiceNow by 71.9% in Q1 2023, now holding 5,500 shares worth $4.38 million.
• The company recently exceeded earnings expectations, reporting $4.09 per share compared to the consensus estimate of $3.57, reflecting a revenue increase of 22.4% year-over-year.
• Despite fluctuating price objectives from research analysts, ServiceNow's average rating remains a "Moderate Buy" with a target price of $1,115.20.

Generali Investments Towarzystwo Funduszy Inwestycyjnych lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 71.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,500 shares of the information technology services provider's stock after buying an additional 2,300 shares during the quarter. ServiceNow makes up approximately 2.8% of Generali Investments Towarzystwo Funduszy Inwestycyjnych's portfolio, making the stock its 6th biggest position. Generali Investments Towarzystwo Funduszy Inwestycyjnych's holdings in ServiceNow were worth $4,379,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Edgemoor Investment Advisors Inc. increased its holdings in shares of ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC increased its holdings in shares of ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares during the period. one8zero8 LLC increased its holdings in shares of ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 shares during the period. Capital Investment Advisory Services LLC grew its holdings in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after acquiring an additional 12 shares during the period. Finally, Sepio Capital LP grew its holdings in ServiceNow by 3.8% during the fourth quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock worth $381,000 after acquiring an additional 13 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Canaccord Genuity Group dropped their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. UBS Group dropped their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Barclays set a $1,210.00 price objective on ServiceNow in a report on Thursday, July 24th. Finally, Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and upped their price objective for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

NYSE NOW opened at $914.03 on Friday. The business's 50-day moving average price is $994.89 and its 200 day moving average price is $950.03. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a market capitalization of $190.12 billion, a PE ratio of 115.12, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.13 earnings per share. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director directly owned 10,891 shares in the company, valued at $11,039,226.51. This trade represents a 3.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 292 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $287,620.00. Following the completion of the transaction, the chief financial officer owned 11,198 shares in the company, valued at approximately $11,030,030. This trade represents a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,990 shares of company stock worth $6,047,567. Corporate insiders own 0.38% of the company's stock.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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